Miami International Q1 Revenue Jumps 40% to $128.6M, EBITDA Margin Hits 51%
Miami International Holdings reported Q1 net revenue rose 40% year-over-year to $128.6 million with adjusted EBITDA up 66% to $66.1 million and margin expanding 800 basis points to 51%. The company delivered adjusted EPS of $0.42 and market share in multi-listed options rose to 17.3% on 10.9 million daily contracts.
1. Q1 Financial Highlights
Miami International Holdings delivered Q1 net revenue of $128.6 million, up 40% year-over-year, and adjusted EBITDA of $66.1 million, up 66%, driving adjusted diluted EPS of $0.42 and expanding the EBITDA margin by 800 basis points to 51%. GAAP net income was $170.2 million, including a $50.5 million gain on sale and a $70.2 million tax benefit.
2. Segment Performance
In the options segment, net revenue increased 37% to $111.3 million, supported by higher transaction fees and market share rising to 17.3% on average daily volumes of 10.9 million contracts. Equities revenue grew 82% to $6.7 million and international revenue surged 583% to $5.6 million, while futures revenue declined 21%.
3. Business Developments and Outlook
The company completed the sale of 90% of MIAXdx, retaining 10%, and reaffirmed full-year 2026 adjusted operating expense guidance. It plans continued investments in technology and headcount, expansion of short-dated options offerings, and leveraging platform scalability for sustained growth.